Sri Lanka
IMF agrees to provide crisis-hit Sri Lanka $2.9 billion
The International Monetary Fund said Thursday it has reached a staff-level agreement with Sri Lanka to provide $2.9 billion over four years to help salvage the country from its economic crisis.
An IMF team visiting Sri Lanka said in a statement that the preliminary agreement is subject to approval from the agency's management and executive board “contingent on the implementation by the authorities of prior actions, and on receiving financing assurances from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors.”
Read: Sri Lanka hopes to reach initial agreement with IMF for help
Sri Lanka is facing its worst economic crisis in recent memory with acute shortages of essentials like fuel, medicines and food because of serious foreign currency shortages.
The island nation has suspended repayment of nearly $7 billion in foreign debt due for this year. The country's total foreign debt amounts to more than $51 billion of which $ 28 billion has to be repaid by 2028.
The IMF said Sri Lanka's economy is expected to contract by 8.7% and inflation has exceeded 60%.
Read: Sri Lanka leader proposes 25-year plan for crisis-hit nation
“Against this backdrop, the authorities’ program, supported by the Fund, would aim to stabilize the economy, protect the livelihoods of the Sri Lankan people, and prepare the ground for economic recovery and promoting sustainable and inclusive growth," it said.
SAFF U-17: Bangladesh to start campaign versus hosts Sri Lanka
Bangladesh will start their campaign in the six-nation SAFF U-17 Championship taking on hosts Sri Lanka in one of the two opening day's matches on Monday (Sept 5) at 19 hours at the Racecourse International Stadium in Colombo, Sri Lanka.BFF officials disclosed the details of the meet at a press conference at the BFF conference room Wednesday afternoon. Team leader of Bangladesh Mohidur Rahman Miraj, BFF general secretary Abu Nayeem Shohag, team manager Md Atiqur Rahman, BFF Technical Director cum team's head coach Paul Thomas Smalley and team captain Imran Khan spoke on the occasion.Earlier, Bangladesh team have been placed in Group A along with Sri Lanka and the Maldives while Group B team comprises India, Nepal and Bhutan.
Read: Bangladesh to participate in SAFF, AFC U-17 FootballIn the remaining group match, Bangladesh will play the Maldives on Wednesday (Sept 7) at 16 hours at the dame venue.On completion of group matches, top two teams from each of the group will play in the semifinals on Sept 12 while final match will be held on Sept 14.Bangladesh team comprises 23 booters and eight officials.Members of Bangladesh team: Players- Goal Keepers- Mohammad Asif, Sohanur Rahman, Ismail Hossain MahinDefenders- Imran Khan, Parvej Ahmed, Ashiqur Rahman, Siam Omit. Mohammad Rahul, Sirajul Islam Rana. Midfielders - Chandon Roy, Nazmul Huda Faisal, Swapon Hossain, Sajal Tripura, Saiful Islam, Iftiar Hossain, Samuel Raksam, Mithu Chowdury and Mithun Shaikh, Forwards- Rubel Shaikh, Morshed Ali, Mirajul Islam, Mohammad Nazimuddin, Sumon Soren and Moltagim Alam Himel.Team Officials- Team Leader-Mohidur Rahman Miraj, Team Manager- Md Atiqur Rahman, Technical Director cum team Head Coach- Paul Thomas Smalley, Asstt Coaches- Abul Hossain and Mehedy Hassan Siddiqui, Goal Keeping Coach- Sayeed Hasan Kanan, Media Officer cum Translator -Saeed Hassan, Physio - Yousuf Ali.
Bangladesh take on Sri Lanka in make-or-break clash Thursday
Sri Lanka and Bangladesh will lock horns in a do-or-die match Thursday at the Asia Cup in the UAE's Dubai.
Both teams head into the match after suffering heavy defeats against Afghanistan.
The winners of the September 1 match will qualify for the next phase. Afghanistan Tuesday became the first team to qualify for the Super 4.
Bangladesh team director and former captain Khaled Mahmud said Sri Lanka do not have a quality bowling attack that will help the Tigers get the result their way.
However, Sri Lankan captain Dasun Shanaka said Bangladesh are an easier opponent than Afghanistan.
Read: Asia Cup 2022: Group standings, where to watch live on App, OTT, TV
Sri Lanka were hammered by eight wickets against the Afghans. Bangladesh, however, were engaged in a close contest, only to be let down by their batters.
Afghanistan, Bangladesh and Sri Lanka are competing in group B of the Asia Cup. In Group A, India, Pakistan and Hong Kong are taking on each other.
Bangladesh may make a few changes to their playing XI.
Mohammad Naim, who made a comeback to the national team after hitting a hundred for Bangladesh A in the West Indies, failed to prove his T20 prowess in Bangladesh's Asia Cup opener.
Parvez Hossain Emon, who has played only one T20 so far, may make it to the squad.
Tigers want to clip high-flying Afghans' wings
Bangladesh will start their Asia Cup campaign Tuesday with the match against Afghanistan who are flying high after beating Sri Lanka by eight wickets in the event opener.
Despite being a more experienced side than Afghanistan, Bangladesh are far behind them in the shortest format of the game.
The Afghans lost a series earlier this month against Ireland, but they came back strongly against Sri Lanka to make a flying start to the Asia Cup. Their pacers ripped through the Sri Lankan batting order.
However, Bangladesh all-rounder Mehidy Hasan said they are not tagging Afghanistan as a bad or good team. "We are looking forward to proving our mettle in the field."
In the first match of the Asia Cup, Afghan pace duo Fazalhaq Farooqi and Naveen-ul-Haq destroyed Sri Lanka's batting.
Read: Asia Cup 2022: 8 milestones within sight of Bangladesh players
Chasing 105 runs, Hazratullah Zazai and Rahmanullah Gurbaz won the match in 10.1 overs.
And in the absence of Liton Das, Bangladesh might go with Anamul Haque and Mohammad Naim as the openers.
Naim was axed earlier from the T20 team. Now he is back after hitting a century in a 50-over match for Bangladesh A team against the West Indies A.
Mohammad Saifuddin and Sabbir Rahman, who were out of international cricket for a long time, are surprising inclusions in the playing XI.
However, Bangladesh will heavily rely on Shakib Al Hasan, Mahmudullah Riyad and Mushfiqur Rahim.
With this match against Afghanistan, Shakib will become the third Bangladeshi to play 100 T20s after Mahmudullah and Mushfiqur.
The match will begin at 8pm Tuesday and will be telecast live on T-Sports.
Probable Bangladesh XI
Mohammad Naim, Anamul Haque, Shakib Al Hasan (capt), Afif Hossain, Mushfiqur Rahim (wk), Mahmudullah Riyad, Sabbir Rahman, Mahedi Hasan, Mohammad Saifuddin, Nasum Ahmed, and Mustafizur Rahman
Asia Cup: Afghanistan make flying start beating Sri Lanka by 8 wickets in opener
Afghanistan made a flying start in the Asia Cup outplaying five times champions Sri Lanka by eight wickets with 59 balls remaining in the opening match at the Dubai International Cricket Stadium in UAE on Saturday. After dismissing Islanders Sri Lanka cheaply for 105 runs in 19.4 overs in T20 format, Afghanistan easily reached their target scoring 106 runs for loss of two wickets in 10.1 overs.Replying to Lankan poor total, Afghanistan made a flying start scoring 85 runs in 6.1 overs in the opening stand, before the departure of opener Rahmanullah Gurbaz, who quick-fired 40 runs off 18 balls, featuring three fours and four sixesAnother opener Hazaratullah Zazai contributed an unbeaten 28-ball 37 runs hitting five fours and one six, one down Ibrahim Zardan scored 13-ball 15 runs with the help of two boundaries while number four Najibullah Zardan remained not out on run a ball 2.
Read: Asia Cup 2022: Sri Lanka vs Afghanistan, Group B Match 1 previewHasaranga De Silva took one wicket conceding 19 runs in three overs. Sent in to bat first earlier, Sri Lanka faced initial batting collapse losing three wickets ---Kusal Mendis (2), Charith Asalanka (0) and Pathum Nissanka (3)-- for just five runs in two overs. Later, number four Danushka Gunathilaka pairing with Bhanuka Rajapaksa tried their best to repair their early damage, contributing 44 runs in the 4th wicket stand. Number five batter Bhanuka Rajapaksa scored the team highest 38 runs of just 29 balls hitting five fours and one six while two down Danushka Gunathilaka made run a ball 17 featuring three boundaries. After the dismissal of four wickets for 49 runs in 7.2 overs, no Sri Lankan middle order and lower order batters were able to reach the double figure score, except number eight batter Chamika Karunaratne, who scored 31 runs off 38 balls with three fours and one six.Fazalhaq Farooqi was the most successful Afghan bowler grabbing three wickets for just 11 runs in his 3.4 over spell and was adjudged the man of the match.Besides, Afghan captain Mohammad Nabi and Mujeeb Ur Rahman grabbed two wickets each while Naveen Ul Haq took one wicket.
Asia Cup Cricket: Sri Lanka dismissed cheaply for 105 by Afghanistan
Five times champions Sri Lanka were bundled out cheaply for 105 runs in 19.4 overs against Afghanistan in the opening match of the Asia Cup Cricket at the Dubai International Cricket Stadium in UAE on Saturday. Sent into bat first, Sri Lanka faced initial batting collapse losing three wickets ---Kusal Mendis (2), Charith Asalanka (0) and Pathum Nissanka (3)-- for just five runs in two overs. Later, number four Danushka Gunathilaka pairing with Bhanuka Rajapaksa tried their best to repair their early damage, contributing 44 runs in the 4th wicket stand. Number five batter Bhanuka Rajapaksa scored the team highest 38 runs of just 29 balls hitting five fours and one six while two down Danushka Gunathilaka made run a ball 17 featuring three boundaries.
Read: Asia Cup 2022: Sri Lanka vs Afghanistan, Group B Match 1 preview
After the dismissal of four wickets for 49 runs in 7.2 overs, no Sri Lankan middle order and lower order batters were able to reach the double figure score, except number eight batter Chamika Karunaratne, who scored 31 runs off 38 balls with three fours and one six.Fazalhaq Farooqi grabbed three wickets for just 11 runs in his 3.4 over spell, captain Mohammad Nabi and Mujeeb Ur Rahman grabbed two wickets each while Naveen Ul Haq took one wicket.
Sri Lanka hopes to reach initial agreement with IMF for help
Sri Lanka's central bank chief said Thursday he hopes the government can reach a preliminary agreement that could lead to a bailout package with the International Monetary Fund when its officials visit the crisis-hit island nation later this month.
The Indian Ocean country is effectively bankrupt and its economic crisis set off massive public protests that led to the ouster of President Gotabaya Rajapaksa last month. The government has said the crisis has made the negotiations with the IMF difficult.
Nandalal Weerasinghe, the governor of Sri Lanka's central bank, said he hoped IMF officials and Sri Lanka's government could “finalize and reach a staff-level agreement" on the policy package during their meetings.
Sri Lanka announced in April that it is suspending repayment of foreign loans. Its total foreign debt is $51 billion, of which it must pay $28 billion by 2027. The country has said it needs to restructure all of its debt.
Weerasinghe told reporters Thursday that the agreement being sought with the IMF would give them “a clear picture on debt sustainability and debt targets for us to achieve in the next 10 years.”
Once an agreement is reached, Weerasinghe said, Sri Lanka would approach sovereign bond holders and other external creditors.
"We hope all our creditors will support Sri Lanka once they see the strong macro program endorsed by the IMF," he said.
Sri Lanka’s new President Ranil Wickremesinghe said two weeks ago that his government had initiated negotiations with the IMF on a four-year rescue plan and had commenced the finalization of a debt restructuring plan.
However, Wickremesinghe also said negotiations with the IMF have been difficult because of Sri Lanka’s bankruptcy and that an expected early August target for an agreement with the agency was not possible. It is now expected in September.
Read: Sri Lanka leader proposes 25-year plan for crisis-hit nation
Wickremesinghe was elected last month to complete the rest of Rajapaksa’s five-year term, which ends in 2024. Rajapaksa resigned in exile and is now in Thailand.
The protesters blamed Rajapakasa and his powerful family for years of mismanagement and corruption that have bankrupted the nation and led to unprecedented shortages of essential imports like fuel, medicine and cooking gas.
Wickremesinghe’s government is preparing a national policy roadmap for the next 25 years that aims to cut public debt and turn the country into a competitive export economy.
Wickremesinghe has stressed that Sri Lanka needs long-term solutions and a strong foundation to stop a recurrence of economic crises.
Two weeks ago, he said the hardships had eased somewhat with reduced power cuts, fertilizers being brought in for cultivation and cooking gas distribution improving.
But many people complain that price hikes of most essential items are unbearable.
Prices of most essentials have tripled in recent months and most people are struggling to pay for basic needs. About 70% of Sri Lankan households surveyed by UNICEF in May reported cutting back on food consumption. Many families rely on government rice handouts and charitable donations.
Separately Thursday, police fired tear gas and used water canons to disperse university students who were walking in a protest march in the capital Colombo, demanding that Wickremesinghe resign. Local television channels showed police arresting some of the protesters.
Protestors accused Wickremesinghe of being a surrogate of Rajapaksa and trying to suppress the rights of the people to protest.
They paraded along the main roads in the Colombo, shouting slogans and displaying banners that read “Go Ranil Go, get lost with ALL Rajapaksas,” “Stop Suppression and “Release all the arrested protestors.”
Since his election, Wickremesinghe has authorized the military and police to violently dismantle protest camps in Colombo and arrest those they identified to have trespassed in the president’s official residence and other state buildings.
Rights groups have accused Sri Lanka’s government of using emergency laws to harass and arbitrarily detain protesters who are seeking political reform and accountability.
However, Wickremesinghe has said that although the protests started peacefully, groups with political interests took over later and became violent, citing the burning of dozens of ruling party politicians’ homes in May.
Chinese navy ship docks in Sri Lanka, stokes worry in India
A Chinese navy vessel arrived at a Beijing-built port in southern Sri Lanka on Tuesday, after its port call was earlier delayed due to apparent security concerns raised by India.
The Yuan Wang 5 sailed into the Hambantota port and was welcomed by Sri Lankan and Chinese officials. The development could spark worry in India, which views China’s rising influence in the Indian Ocean with suspicion.
Sri Lanka has referred to the Yuan Wang 5 as a “scientific research ship," but there are fears in India that the vessel could be used to surveil the region, with multiple media reports calling it a “dual-use spy ship."
“The Yuan Wang 5 is a powerful tracking vessel whose significant aerial reach — reportedly around 750 km — means that several ports in Kerala, Tamil Nadu and Andhra Pradesh could be on China’s radar,” the Indian Express newspaper wrote.
The closely watched developments surrounding the vessel underscore the competing interests of regional giants India and China in the small island nation. For more than a decade, Sri Lanka’s strategic location in the Indian Ocean and along one of the busiest shipping routes has seen both countries vie for influence.
Read: Sri Lanka holds its breath as new PM fights to save economy
Over the years, Beijing was widely seen as having an upper hand with its free-flowing loans and infrastructure investments. But Sri Lanka’s economic collapse proved an opportunity for India to gain greater sway, as New Delhi stepped in with massive financial and material assistance to its neighbor.
The ship has permission to dock in Hambantota until Aug. 22, Sri Lanka's Foreign Ministry said last weekend. It added that China had agreed the ship would keep its identification systems on and would not carry out any research activities while in Sri Lankan waters.
“Given the geopolitical dynamics in the region and Sri Lanka’s heavy vulnerability on the economic front, Sri Lanka is playing with two fires at a diplomatic level,” said international affairs analyst Ranga Kalansooriya.
The Yuan Wang family of naval vessels serve both the Chinese missile force and its space program, which is run by the People’s Liberation Army, the military wing of the ruling Communist Party.
Previous official Chinese media reports have described PLA officers serving in command positions aboard the vessels in the Yuan Wang class, which may also have civilians in their crews.
China Ministry of Foreign Affairs spokesperson Wang Wenbin dismissed concerns about the ship in a briefing Tuesday.
“I would like to reiterate that the marine scientific research conducted by the research ship Yuan Wang 5 conforms to international law and international common practice, and will not affect the security and economic interests of any country,” he said.
On Monday, India gifted a maritime reconnaissance aircraft to Sri Lanka to strengthen its maritime security. The Indian Embassy said the aircraft would help Sri Lanka tackle multiple security challenges such as human and drug trafficking as well as other crimes in its coastal waters more effectively.
Indian Foreign Ministry spokesperson Arindam Bagchi said last week that India was aware of the planned visit by the vessel and that it carefully monitors any development that affects its security and economic interests and would take all measures to safeguard them. He also dismissed claims last week that India put pressure on Sri Lanka to delay the ship.
As Sri Lanka endures its worst economic crisis, India in recent months has provided crucial assistance including food, fuel, medicines and cooking gas. At the same time, China’s agreement to restructure its infrastructure loans to Sri Lanka is vital for the country to reach a bailout program with the International Monetary Fund.
China has lent Sri Lanka billions of dollars for development projects, some of which have been criticized as having little practical use. They include the Hambantota port, built with Chinese money under former President Mahinda Rajapaksa in his home region, despite the plan having been rejected by an expert panel.
When the port failed to generate enough revenue to pay back the loan, Sri Lanka in 2017 was forced to hand the facility and thousands of acres of surrounding land to Beijing for 99 years — giving China a key foothold in the country directly opposite India’s coastline.
Kalansooriya said while Sri Lanka is unable to discount both regional powers, President Ranil Wickremesinghe is tasked not only with salvaging the country’s economy but also maintaining a diplomatic balance.
Bangladesh not turning into Sri Lanka : FM
Foreign Minister AK Abdul Momen has said a certain group is spreading panic with 'baseless' claim that Bangladesh will see a situation like crisis-hit Sri Lanka.He, however, acknowledged the challenges that Bangladesh is facing due to global crises."People of Bangladesh are leading happier lives compared to other countries," Momen said while talking to reporters in Sylhet on Friday.
Also read: Dhaka approached Swiss banks about deposit of Bangladeshi money: MomenHe said Bangladesh has enough dollar reserves and is just maintaining a bit of austerity considering the future crises.Responding to a question, the foreign minister said the Swiss banks do not want to share the information on alleged laundered money from Bangladesh.He said, “Whenever we seek information from a country where Bangladeshi money has been laundered the authorities there seem reluctant to provide it. It’s their inherent issue.”He said the Bangladesh Bank sought information from the Swiss banks mentioning the names of 67 individuals."At that time, they provided information on one individual. Information was sought several times," Momen said.
Also read: Dhaka, Delhi agree to strengthen defence cooperationThe foreign minister said Switzerland is Bangladesh’s friend and urged them not to provide misinformation.Earlier in the morning, Momen attended an emergency meeting to solve the airport land acquisition problem at MAG Osmani International Airport in Sylhet.
Sri Lanka leader proposes 25-year plan for crisis-hit nation
Sri Lanka's new president said Wednesday that his government is preparing a national policy roadmap for the next 25 years that aims to cut public debt and turn the country into a competitive export economy as it seeks a way out of its worst economic disaster.
President Ranil Wickremesinghe in his speech to Parliament said Sri Lanka needs long-term solutions and a strong foundation to stop a recurrence of economic crises.
Massive public protests have blamed Wickremesinghe's ousted predecessor, Gotabaya Rajapakasa, and his powerful family for years of mismanagement and corruption that have bankrupt the nation and led to unprecedented shortages of essential imports like fuel, medicine and cooking gas. But many are still skeptical of Wickremesinghe and accuse him of trying to protect the former leader and his relatives.
Sri Lanka announced in April that it is suspending repayment of foreign loans. Its total foreign debt is $51 billion, of which it must pay $28 billion by 2027.
Wickremesinghe said his government had initiated negotiations with the International Monetary Fund on a four-year rescue plan and had commenced the finalization of a debt restructuring plan.
Read:Sri Lankans bide time as leaders seek fix for economic woes
“We would submit this plan to the International Monetary Fund in the near future, and negotiate with the countries who provided loan assistance. Subsequently negotiations with private creditors would also begin to arrive at a consensus,” he said.
He said the government's aim is to create a surplus in the primary budget by the year 2025 and to bring down public debt, currently at 140% of GDP, to less than 100% by 2032.
“The economy should be modernized. Economic stability should be established and transformed into a competitive export economy. In this context, we are now preparing the necessary reports, plans, rules and regulations, laws and programs,” he said.
“If we build the country, the nation and the economy through the national economic policy, we would be able to become a fully developed country by the year 2048, when we celebrate the 100th anniversary of independence,” Wickremesinghe said.
Wickremesinghe was elected president last month to complete the rest of Rajapaksa’s five-year term, which ends in 2024. Rajapaksa fled the country after protesters, furious over the economic hardships, stormed his official residence and occupied several key government buildings.
Wickremesinghe has since cracked down on protests and sought amity among political parties, saying only an all-party government can solve the country's problems.
“The expectation of all the citizens of the country at this juncture is for all their representatives in Parliament to work together in order to build the country,” he said.